MGIC Investment Corporation Stock Forecast
MGIC Investment Corporation stock price up 1.10% on Tuesday
(Updated on May 07, 2024)
The MGIC Investment Corporation stock price gained 1.10% on the last trading day (Tuesday, 7th May 2024), rising from $20.95 to $21.18. It has now gained 3 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the stock fluctuated 1.97% from a day low at $21.03 to a day high of $21.45. The price has risen in 8 of the last 10 days and is up by 4.33% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 335 thousand more shares were traded than the day before. In total, 2 million shares were bought and sold for approximately $43.56 million.
The stock lies in the middle of a wide and weak rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the stock is expected to rise 5.77% during the next 3 months and, with a 90% probability hold a price between $20.80 and $24.24 at the end of this 3-month period.
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MTG Signals & Forecast
Mostly positive signals in the chart today. The MGIC Investment Corporation stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock, but the stock has a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections down, there will be some support from the lines at $20.67 and $20.75. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Wednesday, April 17, 2024, and so far it has risen 9.29%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Volume is rising along with the price. This is considered to be a good technical signal.
Support, Risk & Stop-loss for MGIC Investment Corporation stock
MGIC Investment Corporation finds support from accumulated volume at $20.88 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock is usually traded at a good volume, and with minor daily changes, the risk is considered to be low. During the last day, the stock moved $0.415 (1.97%) between high and low. For the last week, the stock has had daily average volatility of 2.40%.
The MGIC Investment Corporation stock is extremely overbought on RSI14 (87). This increases the short-term risk substantially.
Our recommended stop-loss: $20.30 (-4.15%) (This stock has low daily movements and this gives low risk. The RSI14 is 87 and this increases the risk substantially. There is a buy signal from a pivot bottom found 14 days ago.)
Trading Expectations (MTG) For The Upcoming Trading Day Of Wednesday 8th
For the upcoming trading day on Wednesday, 8th we expect MGIC Investment Corporation to open at $21.22, and during the day (based on 14 day Average True Range), to move between $20.75 and $21.61, which gives a possible trading interval of +/-$0.432 (+/-2.04%) up or down from last closing price. If MGIC Investment Corporation takes out the full calculated possible swing range there will be an estimated 4.08% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $20.88 (1.42%) than the resistance at $21.68 (2.36%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is MGIC Investment Corporation stock A Buy?
Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for MGIC Investment Corporation stock to perform well in the short-term.
Current score: 2.986 Buy Candidate Unchanged
Predicted Opening Price for MGIC Investment Corporation of Wednesday, May 8, 2024
| Fair opening price May 8, 2024 | Current price |
|---|---|
| $21.22 ( 0.181%) | $21.18 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for MTG
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 21.63 | 2.14 % | |
| R2 | 21.47 | 1.39 % | ||
| R1 | 21.38 | 0.93 % | ||
| Current price: | 21.18 | |||
| Support | S1 | 21.06 | -0.568 % | |
| S2 | 20.96 | -1.03 % | ||
| S3 | 20.80 | -1.78 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 21.96 | 3.68 % | |
| R2 | 21.91 | 3.45 % | ||
| R1 | 21.68 | 2.36 % | ||
| Current price | 21.18 | |||
| Support | S1 | 20.88 | -1.42% | |
| S2 | 20.55 | -2.97% | ||
| S3 | 19.82 | -6.42% |
MTG Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Apr 25, 2024 | May 08, 2024 | May 21, 2024 | $0.115 | 0.542% |
| 2 | Feb 14, 2024 | Feb 14, 2024 | Feb 14, 2024 | $0 | 0% |
| 3 | Oct 26, 2023 | Nov 08, 2023 | Nov 28, 2023 | $0.120 | 0.689% |
| 4 | Jul 27, 2023 | Aug 09, 2023 | Aug 24, 2023 | $0.115 | 0.670% |
| 5 | Apr 27, 2023 | May 10, 2023 | Aug 24, 2023 | $0.100 | 0.582% |
FAQ
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